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Qriar Island Corp Acquires Development Site In Miami Beach For $13.3M

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SOLD
$13,300,000

Florida

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Development Site40,000 SF
Sold 12/15/2020
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Property Image
SOLD

Qriar Island Corp Acquires Development Site In Miami Beach For $13.3M

28 East Star Island Drive, Miami Beach, FL, USA

See Similar Deals
Development Site40,000 SF
Sold 12/15/2020
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Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$332
Total Square Footage:40,000 SF
Transaction Type:Sale

A development site located at 28 Star Island Drive in Miami Beach has been sold in a recent transaction. The property was purchased by Qriar Island Corp, represented by Luís Felipe Neiva Silveira. The seller of the site was Paulo Agnelo Malzoni Filho and Marco Antonio Charro. The transaction was facilitated by Bento Queiroz from Compass, who acted as the buyer's representative, and Jill Hertzberg from Coldwell Banker, who represented the seller. The sale took place on December 15, 2020, for a total price of $13,300,000.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $13,300,000
  • Address: 28 Star Island Drive, Miami Beach
  • Buyer: Qriar Island Corp - Luís Felipe Neiva Silveira
  • Seller: Paulo Agnelo Malzoni Filho & Marco Antonio Charro
  • Buyer's Representative: Bento Queiroz - Compass
  • Seller's Representative: Jill Hertzberg - Coldwell Banker

The sale of the development site on Star Island Drive in Miami Beach was successfully concluded. This transaction showcases the involvement of key individuals and companies in the deal, including Qriar Island Corp, Luís Felipe Neiva Silveira, Paulo Agnelo Malzoni Filho, Marco Antonio Charro, Bento Queiroz, and Jill Hertzberg. The property's characteristics, such as its location and size, were crucial factors in the transaction.

Players

Jill Hertzberg
87 deals$2.3B volume
BROKER

Bento Queiroz
Compass
8 deals$75.9M volume
BROKER

Details

SOLD
IMAGE: Jill Hertzberg, Luís Felipe Neiva Silveira, & Bento Queiroz DATE: 12/15/2020 ADDRESS: 28 Star Island Drive MARKET: Miami Beach ASSET TYPE: Development Site BUYER: Qriar Island Corp - Luís Felipe Neiva Silveira SELLER: Paulo Agnelo Malzoni Filho & Marco Antonio Charro BUYER'S REP: Bento Queiroz - Compass SELLER'S REP: Jill Hertzberg - Coldwell Banker PRICE: $13,300,000 BSF: 40,000 ~ PPBSF: $333

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$709,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$47,252.11
Cash-on-Cash Return-1.27%
Monthly Debt Service$63,048.79
Annual Debt Service$756,585.42